Question

The daily exchange rates for the two-year period 2011 to 2013 between the Japanese Yen (JPY) and the Australian Dollar (AUD) can be modelled by a Normal distribution with mean, μ = 82 Yen and a standard deviation , σ = 24 Yen.

Draw diagrams and use Excel to help you solve the following problems.

1. What is the probability that a on a randomly selected day during this period, the Dollar was worth less than 87 Yen?  (4 dp)
2. What proportion of the days during this period will the Dollar be worth between 55 and 87 Yen?  (4 dp)
3. If you randomly select 175 days during this period, how many days would you expect the Dollar to be worth between 55 and 87 Yen?  (round to nearest integer)  

Answer 1

Hope this will help you. Thank you :)